Vendor Impact Fund
As part of the City’s efforts to increase the capacity and competitiveness of our local, diverse vendor community, the City is pleased to announce the launch of the $25 million Vendor Impact Fund. The Vendor Impact Fund will provide priority access for City vendors certified as Minority-Owned Business Enterprises (MBE), Women-Owned Business Enterprises (WBE), Veteran-Owned Business Enterprises (VBE), and Business Enterprises Owned or Operated by People with Disabilities (BEPD) to loans from the federal Small Business Administration (SBA) Paycheck Protection Program (PPP) and 7(a) loan program. The City and its partners will seek to provide all Vendor Impact Fund loan applicants with the best offer available, and will work with applicants to determine which product is the best fit. All loan applications will be administered through Community Reinvestment Fund, USA (CRF) with the support of Goldman Sachs 10,000 Small Businesses.
To be eligible for a loan through the Vendor Impact Fund, a small business must meet the requirements detailed below.
- Have an active City contract (which may be as either a prime contractor or subcontractor)
- Have been in business for at least 2 years as of the date of application
- Preference will be given for businesses:
- with City of Chicago or Cook County MBE or other certification (WBE, VBE, BEPD)
- located within the City of Chicago
- located within a Qualified Investment Area in the City
- with the majority of their employees living in the City
- with a higher share of their employees living in disadvantaged areas of the City
Applicants must be prepared to provide the following information in order to verify status as a certified firm with an active contract:
- Contract/P.O. Number
- Project Description
- Name of Prime Contractor
If you do not have all of the above information, please provide as much information as possible. Should your submission be approved, a representative from CRF will reach out to you to collect the required documentation and help guide the applicant through the application review process.